Thoughts Ideas and Giggles

The Sacramento County Tax Assessor, Ken Steiger, spoke to the Finance Forum of the Sacramento Association of Realtors this week.   In it, he spoke of 10 things every property owner should know about their property assessment and taxes.  I thought it would be a great list to share with fellow Sacramentans.

• Land and Improvements can only be reassessed if there has been a change in ownership, new construction or a decline in value.
• If you are an owner occupant you may qualify for a homeowners exemption on your property.  This is currently a $7000 reduction ($70 savings per year) reduction from the assessed value of your home.  This can be checked on your tax bill to find out if the property has one.
• Remodels or repair and replacement of existing items on your property do not cause reassessment unless you have renovated the building to the extent it becomes substantially equivalent to a new building.  Additions are assessed at fair market value.
• Refinancing does not cause a reassessment of the property.
• Any transfer between spouses will not cause a reassessment of the property.
• Declines in value of the property resulting from a natural cause (fire, flood, earthquake) or market declines can reduce your property assessment temporarily until the condition is remedied.  Requests and/or applications for reduction can be made with the County Assessor. *You can do this yourself...don't buy into the offers of doing it for you for a fee!)
• Supplemental Assessments occur whenever a change in ownership or new construction occurs.  These are sent separately from your annual October bill.  Since they are not paid automatically through your impound account, be certain to either pay it yourself or contact your lender to see if there is enough in the impound account for them to pay it.
• Transfers of title between parents and children, or in certain circumstances Grandparents and Grandchildren, may be excluded from reassessment if an application is filed with the County Assessor and certain conditions are met.  Each individual owner can transfer property up to 1 million dollars worth of assessed value in addition to their primary residence to their children/grandchildren.  In these uncertain times of government budgets, check with your CPA or the Sacramento County Assessor to find out if these numbers are current.
• If one owner of your residence is 55 or older, and you purchase a residence of equal or lesser market value within the same county (there are some other counties who honor this...check to find out the counties that cooperate), you may transfer your old property tax base to your new property, if an application is filed with the County Assessor and certain conditions are met.
• If you have a concern that your property is assessed too high, you can contact your County Assessor's office to try to resolve the issue.  If this doesn't bring the results you want, you can file an appeal with your Assessment Appeals Board under the County Board of Supervisors.  You must file the appeal within 60 days of the date the bill or notice was sent, or for the annual main roll bill, between July 1st and November 30th of each year.

Now, if you have further questions, the Sacramento County Tax Assessor's office has an award winning website at www.saccounty.net/assessor.  Feel free to check it out!

www.PaulaSwayne.com

 

 

"HOME CRISIS HOPE SEEN"...this was the headlines in the Sacramento Bee this morning!!!  When was the last time you saw THAT kind of news???

I have been telling my clients for some time now that Sacramento is in the unique position to first feel the affects of any economy...coming and going.  I don't know why, except it seems to be fairly consistent.  As this article points out, Sacramento was one of the first to experience first hand the downturn in the market.  With 80% of Sacramento County's sub prime resets complete, "stabilization is closer", says Andrew LePage (an analyst for MDA DataQuick).  His firm feels that California will be through the flood of sub prime losses by the end of 2009. There is one caveat to this.  There are Alt A loans that are due to reset by 2010.  This will stifle a bit of the stabilization of the market. 

The Obama plan will do little to help California.  The recovery plan will only help about 18% of Sacramento borrowers to refinance, according to Zillow.com.  The Obama plan only allows  refinances to those tho owe about 5% more than their homes are worth.  In California, homeowners owe 30-40% more than their home value.

Leslie Appleton-Young, Chief Economist for the California Association of Realtors, says the Sacramento is one of the "bright spots" for rising home sales.  The market here is "one of the state's friendliest" markets for first time home buyers and cash investors.  Here is the real announcement: 70% of renters can afford the county's median home price of $169,666 for a resale home!!!   She predicted that sales of existing homes will rise 8% in California this year!

So, if you are a first time home buyer or investor paying cash....there is no better time than NOW!!!!

www.PaulaSwayne.com

 

Do you want the good news or bad news first?  Personally, I like to end it on a high note, so, since I really can't take a pole on what you want, I will start with the "uglies".

• Home prices have fallen a record eight consecutive quarters.
• United States homeowners have lost a cumulative $3.3 TRILLION in home values last year, a good portion of that in the fourth quarter of 2008 ($1.4 TRILLION).
• Foreclosures in 2008 were almost 20% of all closed transactions.
• The latest surge in refinancing has almost been reversed as a result of pressure on mortgage rates.
• New mortgage applications remain stagnant.

Now, don't start pulling the covers over your head just yet.  I am a big believer in silver linings...and there is ALWAYS a silver lining.  So, here is the good news.

• Housing inventory is finally on the decline.  This is mainly due to the predominant foreclosure market.
• New housing starts are down nearly 50%, which is paradoxically good news.  We need the inventory to be realistic. 
• Affordability is at a nearly 40 year high.
• Sales jumped 6.5% in December with a 6.3% increase in the Pending Home Sales Index.
• January foreclosures fell 26% from December while a moratorium was put on Fannie Mae and Freddie Mac foreclosures

When asked by buyers aren't buying, here are the interesting, but not surprising results:

• 36% have concerns about the economy and jobs.
• 29% can't sell their existing homes.
• 20% are worried about further home price declines.
• 10% have credit or qualification issues.
• 5% lack a down payment.

Where do we go from here?  We work.  We plan.  We pay attention to our careers.  There is an end to this epic economic story.  We won't know when we have gotten through it until we have.  So, until then, we will do as well as we think we can.

www.PaulaSwayne.com

This information was supplied by Liz Ann Sonder with Charles Schwabe and Company as well as a presentation by Leslie Appleton-Young (Chief Economist for the California Association of Realtors).

One of the best features of living in Land Park is that you are within walking distance of one of the best regional zoos in the state! There are some great events coming this Spring to enrich not only your children's lives, but your own as well!  Take advantage of these wonderful offerings...you won't be sorry!

BLOOMIN' CRAZY
SATURDAY, MARCH 7th  9AM to 4PM
Here is your chance to expand your knowledge of gardening!  Gardening clubs and plant experts will be there along wih local plant societies, garden stores and nurseries will offer their expertise.  Let the Zoo's extensive plant collection inspire you for spring planting!

SUMMER CAMP (MEMBERS ONLY)
SIGN UP DEADLINE MARCH 31st
This is one of the favorite Zoo sponsored sessions!  Zoo Camp, Little Ducklings pres-school and Zoo Quest for middle schoolers is so popular that is fill up quickly.  For more information, sign on to www.saczoo.com .

EARTH FEST
SATURDAY, APRIL 4TH  9AM to 4PM
Celebrate our planet earth!  Find out how to protect and preserve our mother earth with organizations that specialize in the environment, wildlife and conservation.  Participate in a recycle raffe, rummage sale, games crafts and face painting! All this for the price of admission!

ZOOZOOM
SUNDAY, APRIL 19th  7AM to Noon
For jogging or walking enthusiasts, this is your day! Join thousands from a 5K or 10K to the Saucony "Run for Good" Kid's Fun Runs.  For more information, call (916) 442-3338.

CALIFORNIA CELEBRATION
SATURDAY, MAY 2nd  9AM to 4PM
Celebrate cultural diversity during this fun-packed day!  Experience animal talks, cultural groups, live performances and activity stations...all for the price of admission!

So, come join us for some wonderful family time!  You will be so glad you did!

www.PaulaSwayne.com

 Photos from Flickr by larry&flo and crazy chaos

After World War II,  two veteran military buddies, Ashely Ruledge and Victor Zito returned to Sacramento after being stationed in Alameda.  Vic was a local boy and Ashley was from Nebraska.  Ashley had worked at a soda fountain before the war.  They were inspired to open their own soda fountain when they saw lines going out the door at another local ice cream parlor (Gunthers in Curtis Park).

On February 2, 1947, Vic's Ice Cream opened it's doors in Land Park. They have always made their own ice cream, along with ice cream pies and cakes.  It's vanilla ice cream has won "Best of" awards from several venues.   Students couldn't wait to get their report card, because if they get all A's and B's, they got a free ice cream cone! Sadly, Vic passed away in 1966, leaving Ash to continue the great reputation the soda fountain had achieved

It has become a family tradition for our family's babys to go to Vic's as their first restaurant experience.  My wedding cake was a three tiered ice cream cake that Ash decorated personally. We could tell that it was time to cut it when it started to lean slightly! We look forward to the seasonal favorites of Egg Nog ice cream and Rasberry Sherbert, not to mention Pumpkin.

Ashley is still involved in the business at the age of 88.  His son, Craig has picked up the mantle of manager.  What is amazing about this neighborhood icon is that it also gives jobs not only to young people of the area, but several families as well.  Maury Hatch has been with Vic's for decades as well as Erik Downey. Maury is their Employee Manager and Erik is their Ice Cream Manager.

So, if you ever come to Sacramento's Land Park, look me up! I will treat you to a cone!

 

 

 

 

 

 

 

Vic's Ice Cream
3199 Riverside Blvd
Sacramento CA 95818
(916) 448 0892

www.PaulaSwayne.com

A local mortgage broker came to our office today to explain the latest with FHA. I was so impressed, I thought I would share it.  So, here goes!

FHA                                                                                           CONVENTIONAL

Great current interest rates                                     Great current interest rates

3.5% Down Payment                                              5%-30% w/ additional costs for lower down payments
                                                                           <30% down, fees increase from .25% to 1% points

General underwriting more relaxed                          Getting stricter due to Fannie Mae bailout provisions

Maximum 6% seller contribution                             Maximum 3% seller contribution

$417,000 Maximum loan amount                            $417,000 Maximum loan amount

620 Minimum Credit Score Requirement                   680 minimum w/higher fees for scores under 740

Loan officers may order appraisals                          Appraisals must be ordered thru independent serv.

 

There is more for investors, but there are some real benefits to FHA these days, especially the appraisal differences and the down payment, not to mention the credit score requirements!

www.PaulaSwayne.com

I have driven by the cemetery in Land Park daily.  I was always curious, but had never visited...until today!  First, let me clarify.  What appears to be a single, very large cemetery on the corner of Riverside Boulevard and Broadway is actually 3.  The furthest south is the Odd Fellows Lawn Cemetery. Then there is the Masonic Temple Cemetery.  And finally, the one furthest north that I could actually visit...the Sacramento Historic City Cemetery.  It might sound a bit odd, but it was very interesting.  Most of the people who died back in the 1800's seemed to live to the ripe old age of 45ish.  There were too many babies.  Many headstones were so weathered that they really couldn't be read anymore.  However, there were many that could be read, and I thought I would share a little of what they taught me.

 

 

John A. Sutter Jr. (1826-1897)
His father is famous in Sacramento history as the man who built Sutter's Fort and established New Helvetia.  However, it was his son who, in 1848, planned and founded the City of Sacramento.  A disagreement between father and son over the development of Sacramento initiated John Jr. to leave and in 1897, he died in Acapulco, Mexico

 

 

 

 

 

 

 

 

 

Hardin Bigelow (1809 - 1850)
Bigelow arrived in San Francisco on the first ship to reach California from the East Coast.  This Mail Steamer brought with it miners to the Gold Fields.  Sacramento's first levee system was built by Bigelow.  He also was Sacramento's first elected mayor in 1850.

 

 

 

 

Newton Booth (1825-1892)
Booth was the ultimate statesman.  He was a lawyer, merchant and politician.  In 1862 he was elected State Senator, United States Senator in 1873.  Booth and Company was located on Front Street between J & K.

 

 

 

 

 

 

 

 

 

Old Wooden Headboard (Circa 1876)
Although wooden headboards numbered in the thousands, this is one of the very few that remain.  If you look closely, you can barely see the remains of carving.

 

 

 

 

 

 

 

 

Mark Hopkins (1815-1878)
Hopkins was a Forty-Niner, one of railroad's legendary "big Four" and was the Treasurer of the Central Pacific Railroad.  This tomb dominates the cemetary, made with granite weighing 350 tons.  Hopkins died before this tomb was completed, so was buried in San Francisco in 1878 and then moved to this tomb in 1880.

 

 

 

 

Albert Maver Winn (1810 - 1883)
Winn was selected as President when he was elected to Sacramento's first City Council in 1849.  In 1875 he founded the Native Sons of the Golden West.  This monument is the tallest in the cemetary.

 

 

 

 

 

 

 

 

 

William Stephen Hamilton (1797 - 1850)
William was the youngest son of Alexander Hamilton and the first Treasurer of the United States.  He came to California in 1849 and died here 1850.  Hamilton has the travel bug, dying in 1850, was exhumed in 1877 and again in 1889 and was buried three times in three different locations.

 

 

 

 

 

 

 

 

 

Captain Jamaes T. Homans USN (1805 - 1849)
Captain Homans was initially buried in Tier grounds in the front of the cemetary before being moved by his wife so his son and he could be close together.  This is the earliest known burial in the City Cemetary.  As you can see, it was broken in half at one time and has been repaired.

 

 

 

 

 

 

 

 

 

Historic Volunteer Firemen's Plot and Bell
This memorial celebrates the fact that Sacramento has the honor of forming the first Volunteer Fire Company in California (1850).  These volunteers served until 1872, when a paid department was developed.  This bell you see here was cast in 1859 in Sheffield, England, came around the Horn and was placed in service in 1863.

 

 

 

 

 

 

Lastly, I found this memorial...a time capsule buried in 1988. I will let you know what is in it in 2088! Okay...maybe my grandchildren will let you know!

 

 

www.PaulaSwayne.com

 There are special places in this world that despite their age or maybe because of it, feel like home. Such is the atmosphere of College Cyclery in Sacramento's Land Park.

This neighborhood icon has been calling Land Park and Curtis Park home since 1935.  The building was originally constructed as a Piggly Wiggly Market in 1921.  Safeway came into the picture, buying out Piggly Wiggly in 1927, continuing to operate it a a market until 1935.

Mr. Carol Melvin inspired the beginning of College Hardware and Cyclery in 1935.  A little after World War II, the hardware business was phased out to concentrate on the bicycle business, both in sales and repair.  Under Mr. Melvin's ownership, College Cyclery had a great run until he finally retired in 1987.

Chuck and Lorene Meyer then took up the neighborhood shop and continued its great service and reputation until they sold it to their daughter and son-in-law, Allison and Terry Cox,  in 2006. 

College Cyclery has supported the enjoyment of cycling through several avenues.  They are working with  BIKESKILLS to promote and build cycling skills parks in the area. Through these efforts, they hope to give the community a place to practice biking in a safe environment.  In the same vein, they hold seminars on safe cycling and sponsor competitive youth BMX team racing at many American Bicycle Association events. 

From young to old, from experienced to the novice, College Cyclery has been our resource for many decades and we look forward to many more!

 

Some things have never changed, including the sputtering neon sign.  Bicycles have always been on display...the only changes are whatever is the current trend in cycling.

 

 

 

 

 

As you can see, there are plenty of display cases and bicycles EVERYWHERE!

 

 

 

 

 

 

 

 

 

 

Then there are a few attention getters...like this bicycle that took too long of rest between rides. A tree took a liking to it and grew completely around it! 

The photo below is of quite possibly the longest bicycle I have ever seen - do you see four seats and handlebars?

 

 

 

 

 

 

 

So, if you are ever in the Land Park or Curtis Park area, don't miss this wonderful place.  If you want to learn more, their website is www.collegecyclery.biz .

The neighbors just kept streaming in the relatively small room. The geography of people was interesting...the two extremes were for the most part on the outer edges and for the most part, standing. The rest of the attendees (who wanted to listen to the discussion before deciding the fate of the 3 bylaw changes) settled in the chairs set up in the middle of the room. The late arrivals were forced to stand in the back, as there was no way to work themselves into the few remaining open seats. 

With few exceptions, civility seemed to be the mindset of everyone...unlike the process that brought us there.  Surprisingly, there were even a few laughs interspersed between solemn discussions.  Of course, there are always the few who needed to rehash the past, but these comments were met with groans of "can't we just move forward?".  Even when a board member suggested suing to get back the money spent on the attorney, the crowd mumbled with disapproval.

Wisely, the board had hired a Parliamentarian to keep the meeting on track. The arguments by the two factions were presented and then followed by questions and comments by the neighbors.  Some arguments rang true and others left the "middle crowd" puzzled. An example of this was when it was suggested that there wouldn't be enough people that would want to run for the board to fill the 15 positions, it was asked of the crowd how many would run...at least 15 hands shot up! Some people just needed to vent...thank goodness they only allowed 2 minutes per person!

The proxy voting got a little chaotic, but in the end, we all seemed to figure it out.  The meeting was suppose to end at 8:15PM...we voted at 9:20.  As we were asked to be out of the building by 9:30, very few stayed to find out the final vote.  However, in the end, all the bylaw changes passed by an overwhelming 73%-76%, depending on the bylaw.

So, Land Park Community Association now has 6 year term limits, with the ability to come back after a 4 year hiatus, will be required to have 15 board members with a quorum to be half of the board (if this results in a fraction, it will be rounded up), will have a much more open election system.  There was a fourth vote on an Advisory Board, but as this wasn't included in the bylaws to be addressed at this special meeting when it was requested, I am not sure if it resulted in being voted in.

Let's hope this is the beginning of a dignified neighborhood association.

We were fortunate to have 5 city managers come and speak to our association on Tuesday.  They were very informative in telling us the plans they have for their cities and the cost of these plans (which, of course, they don't have).  However, one of the managers told us the following:
In the federal bail out, they are allowing 650 Million Dollars to exchange the black boxes for the television conversion.  Yep - this is to supply the $40 coupon (2 to a household) for a discount on purchasing the black boxes.  To add insult to injury, they have falsely set the price of these boxes. In actuality, it is believed that they could cost $20 to $35...but since the feds think that they are worth more, they are!

Now, being the skeptic that I am, I googled this bail out issue.  What I discovered is that there are differing figures, but there is bail out money being given for the exchange. One article I read said $250 million and the other $300 million.  Bottom line...we have people losing jobs, houses, going on welfare...and we are worried about black boxes and watching television! What's wrong with this picture?

Photo by Striatic from Flickr

www.PaulaSwayne.com